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Enagas said this result includes capital gains from asset turnover (Soto La Marina and Sercomgas), revaluation from the acquisition of 51 percet of Axent, and the fair value adjustment of the South Peruvian Gas Pipeline (GSP) award.
Excluding the impact of this rotation and revaluation of assets, Enagás achieved recurring BDI of 266.3 million euros and Ebitda of 675.7 million euros in 2025, exceeding the targets announced by the company.
“These positive results are mainly driven by the effectiveness of Enagás’ efficiency plan —which enabled a 0.6 percent reduction in recurring operating expenses compared to 2024— and by the performance of its investee companies,” Enagas said.
By 2026, Enagás forecasts recurring BDI of around 235 million euros, Ebitda of approximately 620 million euros, investment of 225 million euros, and has set a net debt target of around 2.4 billion euros.
Demand
Enagas said that demand for transported natural gas (domestic demand plus exports) grew by 7.4 percent to reach 372 TWh, compared to 346 TWh in 2024, driven by the increase in demand for electricity generation, which rose by 33.4 percent, and by exports, which increased by 17.3 percent.
Exports to France increased by 58.9 percent, to fill its underground storage facilities and due to the level of activity at its regasification terminals, thus reinforcing Spain’s role as a gas hub that contributes to the security of supply for the rest of Europe, both through gas pipeline interconnections and the refueling of LNG ships, Enagas said.
According to Enagas, LNG ship refueling operations totaled 247 last year, 60 percent more than the 148 recorded in 2024.
In 2025, Spain received natural gas and LNG from 16 different sources.
Enagas said that regasification plants continue to generate high long-term interest: following the latest annual auction of LNG unloadings in June, the system now has more than 2,100 slots contracted until 2040.
As for the cargo auction held in September, there are more than 1,000 slots contracted until that same date, it said.
Enagas operates a large network of gas pipelines in Spain and has three wholly-owned LNG import plants in Barcelona, Huelva, and Cartagena.
It also owns 75 percent of the Musel LNG facility, 50 percent of the BBG regasification plant in Bilbao, and 72.5 percent of the Sagunto plant, while Reganosa operates the Mugardos plant.
